The Russian geological holding company ROSGEO is completing almost a year of exploration of a potentially larger oil field in Bahrain, Bahraini Oil Minister Mohammed bin Khalifa Bin Ahmed Al Khalifa told international news on Monday.
“ROSGEO is completing the exploration of potential oil fields after which the Russian company LARGEO will interpret the sourced seismic data. The engineers are still [in Bahrain], and we count on broader cooperation with Russian companies in the future,” the minister said at the World Energy Congress.
He added that once the data analysis is complete, Bahrain would invite foreign companies to source the oil.
ROSGEO launched a large-scale exploratory project in the Persian Gulf off the south-west coast of Bahrain in April late 2018. The Higher Committee for Natural Resources and Economic Security in Bahrain announced the discovery of the largest ever oil field in the country’s record of oil exploration since 1932. It was estimated to contain an approximate 80 billion barrels of tight oil and 10-20 trillion cubic feet of natural gas. The Bahraini Oil Ministry pledged to begin the sourcing within the next five years.
Experts predict that Bahrain will exhaust its oil and gas reserves as early as by 2025.
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13 November, 2019